In a significant development in the BECIL loan fraud case, a Mumbai court has remanded Pratik Kanakiya, a key accused, to the custody of the Enforcement Directorate (ED) for further interrogation. The decision comes amid allegations of a multi-crore scam involving fraudulent loans disbursed by BECIL, a public sector undertaking under the Ministry of Information and Broadcasting.
Pratik Kanakiya, identified as a major player in the syndicate, was arrested by ED last week following raids that uncovered a web of shell companies and forged documents used to siphon off public funds. The agency alleges that Kanakiya and his associates manipulated loan approvals, diverting crores meant for legitimate infrastructure projects into personal accounts.
The court, after hearing arguments from both sides, granted ED five days of custody to probe the money trail and connections to other influential figures. Prosecutors presented evidence of luxury assets purchased with proceeds of crime, including high-end properties in Mumbai and Dubai.
This case highlights systemic vulnerabilities in government lending processes. BECIL, tasked with executing E-governance and IT projects, reportedly approved loans worth over Rs 500 crore without proper due diligence. Investigations reveal insider collusion, with bank officials allegedly receiving kickbacks.
Kanakiya’s lawyer argued for judicial custody, citing lack of prior convictions, but the judge prioritized the need for deeper financial forensics. ED maintains that extended remand is crucial to dismantle the entire network before funds are further laundered abroad.
As the probe intensifies, questions arise about oversight lapses at BECIL and regulatory gaps in PSU operations. The public awaits justice in this brazen exploitation of taxpayer money, with ED vowing to attach all illicit assets and pursue prosecutions under PMLA.
